In the updated edition of the quality and compliance management solution market report, FMI finds growth prospects to grow from USD 29,173.60 million in 2024 to USD 70,791.70 million by 2034, as per the latest market projections. These market valuations indicate a CAGR of 9.30% over the estimated period.
| Attributes | Key Insights |
|---|---|
| Estimated Quality and Compliance Management Solution Market Size (2024E) | USD 29,173.60 million |
| Quality and Compliance Management Solution Market Forecast Valuation (2034F) | USD 70,791.70 million |
| Value-based CAGR (2024 to 2034) | 9.3% |
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Demand for quality and compliance management solutions is rising among enterprises as it ensures adherence to industry regulations. Vendors of these solutions are leveraging technological advances in information technology and mobile applications by integrating mobility into their solutions. Further, a notable trend in the market is a rising shift toward a cloud implementation model.
Key players are focusing on updating their solutions to enhance end-user experience and increase the operational efficiency of the business. Another trend that is shifting tides in quality and compliance management solutions is data analytics. Key players are leveraging compliance advantages of data visibility in quality and compliance management solutions.
Easy and quick integration of quality and compliance management solutions with existing enterprise platforms or systems is increasing their demand. In addition to this, the growing demand for cost-effective and efficient solutions is fueling the QMS demand.
Constant upgrades in the system too are positively impacting the operations of businesses that have installed quality and compliance management solutions.
| Leading Module | Document and Product Management |
|---|---|
| Value Share (2024) | 19.30% |
In the quality and compliance management solution market, document and product management is a highly demanded module. Recent market statistics showcase that this segment is expected to seize a 19.30% share in 2024. Demand for document and product management is increasing among product managers to enhance their product management skills.
The relevance of quality and compliance management solutions is increasing as it is being used to enable alignment across an organization’s higher-level business strategy and product portfolio.
| Leading Material | QMS Software |
|---|---|
| Value Share (2024) | 71.4% |
Deployment of QMS software outpaces that of QMS services. In a recently updated market study of the quality and compliance management solution, QMS software is expected to gain a massive 71.40% in 2024.
Their demand is rising as regulated companies across the globe are demanding an effective way to manage their quality processes. QMS software is considered a strategic priority among enterprises. Their deployment appears to expand in the years ahead.
| Countries | Forecast CAGR (2024 to 2034) |
|---|---|
| The United States | 6.10% |
| Germany | 4.70% |
| Japan | 4.0% |
| China | 9.80% |
| Australia | 12.80% |
Deployment of quality and compliance management solutions in the United States is set to rise at a CAGR of 6.10%, as per the latest market analysis by FMI analysts. Demand for this software is surging on account of rising startups in the IT and software domain. Further, growing requirement to comply with industry regulations among users is also creating an optimistic outlook for market players.
The development of advanced quality and compliance management solutions (QMS) in the United States is continuously expanding the possibilities of QMS software. IQVIA has recently developed SmartSolve eQMS to streamline quality compliance management.
The solution is purpose-built for life sciences. IQVIA enterprise quality management solution has a large user base as it helps ensure top-quality standards and provide real business impact.
Another key driver is the accelerating automation in enterprise risk management, which is raising the chances of cyber security risk. This is pushing the demand for quality and compliance management solutions and software in the United States.
The sales of quality and compliance management solutions in Germany have the potential to rise at a 4.7% CAGR in the next 10 years. The demand is driven by intensifying quality control in Germany’s medical device industry, due to the introduction of stricter regulations.
As a result, there is a growing demand for technology that enhances quality management software or systems among manufacturers as they look for ways to stay compliant.
The market is expected to become consolidated with increasing collaborations among industry players. For instance, in November 2023, Regnology, which is a software provider, announced its collaboration with Moody’s Analytics. With this collaboration, these two market leaders came together to provide a full end-to-end risk and regulatory reporting solution in certain global markets.
Both companies have moved to cloud-native solutions with configurable and modular services. Thus, allowing respective solutions to easily scale, and adapt to regulatory changes and future business, leveraging the latest innovations, such as AI-enabled services.
Demand for quality and compliance management solutions in Japan is anticipated to progress at a CAGR of 4% over the forecast period.
The role of quality has moved beyond its compliance-focused function and it is now increasingly used as a strategic partner to the business. This is because quality helps bring new insights to boost agility.
In line with this, there is a growing demand for cloud-based QMS by companies of different sizes and types to enhance user's experience and help them respond quickly to market changes. This system is also gaining traction owing to its ability to empower quality teams to collaborate more effectively with external partners and across internal teams.
The quality and compliance management solution market in China is positioned to expand at an estimated CAGR of 9.8% over the forecast period. The market is driven by the increasing use of high-performance technologies. Additionally, rapid digitization among businesses and the rising adoption of cloud computing, IoT, and AI are all pushing the sales of quality and compliance management solutions in China.
Companies operating in various industries in China are rapidly switching from paper-based or hybrid quality management systems to cloud QMS solutions. This is going to accelerate the quality management process by reducing risks, achieving compliance, and improving product quality.
Australia holds substantial potential for the quality and compliance management solution market. The country is set to record a CAGR of 12.80% over the following years.
Demand for quality and compliance management solutions is accelerating as they help boost business performance, improve customer satisfaction, and enhance strategic decision-making that increases the quality of the product and/or services.
Businesses in Australia are looking to elevate customer satisfaction, win more tenders, enhance business processes, and get ahead of the competition. Thus, creating an optimistic outlook for market providers of quality and compliance management solutions.
Key players in the market are focused on delivering advanced QMS solutions in the market. The updated quality and compliance management solutions help businesses to raise their operational efficiency and diminish compliance costs. As a result, their demand is escalating across varied industries.
Other popular strategies used by market players include mergers and acquisitions, partnerships, and new product launches. Industry participants are constantly innovating their portfolios to stay ahead of their competitors in this competitive market. For this, they are developing groundbreaking end-to-end solutions for end-use industries.
Key players are focusing on developing cloud QMS solutions to meet the surging demand for cloud QMS solutions.
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The quality and compliance management solution industry is set to enjoy a market valuation of USD 29,173.60 million in 2024.
Quality and compliance management solution players are set to report a CAGR of 9.3% over the next 10 years.
The market revenue is expected to shoot up to USD 70,791.70 million by 2034.
QMS software is projected to account for a massive share of the quality and compliance management solution industry.
Australia is expected to register a rapid growth over the next decade.
Pilgrim Quality Solutions, Inc., MasterControl, Inc., and Aras Corporation are influential players in the quality and compliance management solution industry.
| Market Value (2022) | USD 9,640 Million |
|---|---|
| Market Forecast Value (2032) | USD 26,150 Million |
| Market CAGR (2022 to 2032) | 10.5% |
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Quality and Compliance Management Solution Market
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